Absa introduces cross-border payment App

BUUMBA CHIMBULU writes ABSA Bank Zambia has officially launched an online App meant to among others, enable is customers to buy forex or make cross-border payments in over 13 different currencies from a mobile phone. The Bank becomes the second country within Absa Regional Operations (ARO) to successfully launch the interactive App following the successful release in Botswana on 3 June 2020. The initiative called NovoFX App, is poised to fundamentally enhance the foreign exchange and cross-border payment experience. This App will further enhance its customers’ experience in forex purchases and sales coupled with competitive rates that Absa offers on the market. Absa Bank Zambia has continued to enhance its digital capabilities and has invested more than K100 million in technology as at February 2020. In addition to making forex purchases, the App has features that have superfast responsiveness and more than 13 currencies with near real-time rates, says Absa Zambia Head of Global Markets, Stanley Tamele. Mr Tamele said launching this App was another step in the Bank’s journey as part of cross border payments capability to capture remittance flows and created a digital ecosystem across Pan Africa. “Over the years, we have taken time to understand the foreign exchange needs of our customers and this revolutionary NovoFX App will enhance our product offering to our customers,” he said. Absa Bank ZambiaManaging Director, Mizinga Melu, said launching the NovoFX App spoke to the institution’s strategy of being a digitally-led organisation to bring its customers’ possibilities to life as we continued to identify ways to meet their diverse needs. Ms Melu said the Bank’s ambition was to provide digital banking services that were future fit and provided customers the convenience to transact anytime and anywhere. “Absa is a forward thinking Bank always looking to enhance the banking experience of our customers,” she said. Meanwhile, Absa Capital Markets Nigeria Limited has arranged Dangote Cement’s Record NGN100 Billion Bond Issuance. Dangote Cement will use the proceeds of this term bond offering to refinance existing short-term debt as well as for working capital and general corporate purposes.   Absa acted as a lead issuing house for the registration of the programme as well as joint lead issuing house for the arrangement of the bond.  The issuance is the largest corporate bond ever priced in the history of the Nigerian debt capital market. The Sun